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NSE fines 13 companies N23.3m for late filings

The NSE said the fine was imposed on the companies this year because they filed their 2012 and 2013 financial statements after the regulatory due date.

This information, obtained by our correspondent from the ‘X Complaince’ report posted on the NSE’s website on Friday, showed that Ikeja Hotels Plc and International Energy Insurance Plc had the highest fines of N5.5m and N5.4m, respectively.

The companies failed to submit their audited accounts for December 2012 at the due date.

Aso Savings and Loans Plc was fined N5m for its failure to file its December 2012 results accounts within the stipulated time, while Interlinked Technologies was fined N2.9m for failing to file its June 2013 result.

Other companies that faced the NSE sanction were Aiico Insurance Plc, Wapic Insurance Plc, Oasis Insurance Plc and Regency Alliance Insurance Plc, which were fined N800,000, N700,000 and N600,000, respectively.

NCR Plc, Studio Press Plc, Austin Laz and Company Plc, National Salt Company Plc, and Abbey Building Society Plc also defaulted and got fined with an amount ranging from N200,000 to N500,000.

The Exchange noted that it applied the sanctions in accordance with the provisions of Section 14 of Appendix 111 of the listing rules.

The Chief Executive Officer of the NSE, Mr. Oscar Onyema, had announced a few months ago that the Exchange had zero tolerance for errant companies and market operators, adding that companies and operators found wanting would be duly penalised.

Last week, the NSE served a notice of delisting on 21 companies for failing to file quarterly and annual financial statements as required under the listing rules.

It said the Quotation Committee of the National Council of the NSE had approved the delisting of the companies.

The companies affected were Daar Communications Plc, Big Treat Plc, Starcomms Plc and UTC Plc, IPWA Plc, Nigeria Wire and Cable Plc, Afroil Plc and Goldlink Insurance Plc.

The notice read in part, “The Exchange has decided to delist these entities because of their failure to file quarterly and annual financial statements as required under the listing rules. This regulatory action is necessary in order to protect the investing public from trading in securities of entities with no current information regarding their financial status.”

It said that further to the approval of the council, the Exchange had decided to delist the entities that failed to regularise their listing status after being given time to do so.

The affected firms were Stockvis Plc, Nigeria Sewing Machines Plc, Jos International Breweries Plc, Capital Oil Plc and Golden Guinea Plc.

“Please note that this serves as a notice of delisting and the entities will be delisted effective three months from the date of this notice,” the notice added

Business News, NSE - Monday July 7th, 2014

 

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